If Rs.600 amounts to Rs.1510 at compound interest in 12 years. Find the rate of compound interest?
Answers
Rate of compound interest = 8%
Step-by-step explanation :
Given that,
principal (P) = Rs. 600,
amount (A) = Rs. 1510 and
time (t) = 12 years
We have to find, compound rate of interest r
Now, A = P (1 + r/100)ᵗ
or, 1510 = 600 * (1 + r/100)¹²
or, (1 + r/100)¹² = 151/60
or, 12 * log(1 + r/100) = log(151/60)
or, log(1 + r/100) = 1/12 * log(151/60)
or, 1 + r/100 = 10^0.0334
or, r/100 = 1.08 - 1
or, r = 100 * 0.08
or, r ≈ 8
∴ required rate of compound interest is 8%
Similar problem:
Find the compound interest for Rs. 10,000 at 10% for 2 years. - https://brainly.in/question/11737436
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